They all agreed that the glass ceiling is now a thing of the past. 'There are as many capable women as men,' said Nair.

The discussion was followed by a reality check provided by Farida Lambay, co-founder of Pratham, a Mumbai-based nongovernmental organisation engaged in girls' education, on the problems women still face- from poor literacy rate to discrimination against them in the patriarchal set-up, which prevails in most parts of the country.

Winners of Business Today's ninth 'Most Powerful Women in Indian Businesses' awards in Mumbai

Morparia, Reddy and Nair participate in panel discussions

Next, women leaders discussed whether today's young women are prepared for a bigger role in business. Devita Saraf of Vu Technologies, Lara Balsara of Madison World and Zahabiya Khorakiwala of Wockhardt Hospitals also dwelt on the pros and cons of a woman running her family business.

Then arrived the most important part of the evening with the awards being given away by Chua and Aroon Purie, chairman and editor-in-chief, India Today Group.

'It is a listing we are immensely proud of especially because we were the first to create such a platform way back in 2003,' he said.

In her keynote address, Chua talked of how a support system is critical for working women.

'When my children were young, I was shameless enough to ask friends and family for help,' she said.

First to be awarded were four women who figured in Business Today's Hall of Fame for making it to the Most Powerful Women's list seven times: Reddy, Morparia, AZB and Partners' Zia Mody and Hindustan Times' Shobhana Bhartia. Subsequently, the remaining 25, including Nair and Aruna Jayanthi, CEO, Capgemini India, were awarded for their achievements.